According to G Chatterjee, MD & CEO, Exide, the company has entered into a joint venture with a Swiss company, ‘Leclanché’ for the technical know-how to build lithium-ion batteries and energy storage solutions to meet the emerging demand from electric vehicles market in India.

Exide had, in June this year, acquired Tudor India, a subsidiary of GNB Industrial Power (UK) Ltd, and a part of Exide Technologies group. The unit, which used to manufacture and sell lead-acid storage batteries under the Prestolite brand, has been shut for several years.

“The Swiss company is strong on making lithium-ion batteries for buses and renewable energy storage, both big markets for India. Our first product development is likely to be on these lines,” Chatterjee told newspersons after the company’s annual general meeting here on Thursday.

While a module and battery-pack assembly line is expected to be operational by Q2 of 2019, a lithium-ion cell production plant is expected to be in operation by mid 2020.

Exide has earmarked a capital expenditure of ₹1100 crore this fiscal. The company had invested ₹800 crore last fiscal.

The company has procured around 40 acres of land at Haldia from Kolkata Port Trust and Haldia Development Authority.